USCB Financial Holdings, Inc. Reports Fourth Quarter 2025 Fully Diluted EPS of $0.07; Operating Diluted EPS of $0.44, Primarily Excluding Portfolio Restructuring Previously Announced
MIAMI, Jan. 22, 2026 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $1.4 million or $0.07 per fully diluted share for the three months ended December 31, 2025, compared with net income of $6.9 million or $0.34 per fully diluted share for the same period in 2024.
Fully diluted EPS was $0.07 for the fourth quarter, reflecting an after-tax impact of ($0.31) per diluted share from a previously announced portfolio restructuring strategy (8-K Filing-Press Release), and an additional ($0.06) per diluted share related to a tax liability expense from prior periods. Excluding the impact of these items, operating diluted EPS (non-GAAP financial measure) for the quarter ended December 31, 2025 was $0.44, consistent with the prior quarter. Return on average assets (“ROAA”) and return on average equity (“ROAE”) for the fourth quarter were 0.19% and 2.55%, respectively, while operating ROAA and operating ROAE (both non-GAAP financial measures) were 1.14% and 15.05%, respectively.
“We closed 2025 with solid performance and strong execution across the organization. We delivered three consecutive record quarters of fully diluted EPS, demonstrating the strength and resilience of our business model. While fourth quarter results were consistent with our expectations, our GAAP numbers reflect the effects of strategic decisions taken to position the company for enhanced profitability in 2026. Most notable was the execution of a portfolio restructuring strategy which resulted in a sale of $44.6 million of our lower-yielding available-for-sale securities for an after-tax loss of ($5.6) million or ($0.31) fully diluted EPS in the quarter. Proceeds from the sale were reinvested into loans at year end. Additionally, we incurred some non-routine, non-operating expenses which negatively impacted our GAAP financial statements,” said Luis de la Aguilera, Chairman, President, and CEO. “Our disciplined approach to balance sheet management and our continued focus on client relationships supported stable performance through year end. Overall, it was a great year for the bank. We made meaningful progress on our strategic priorities, strengthened our franchise, and remained committed to delivering long term value for our shareholders.”
Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended December 31, 2025 compared to at or for the quarter ended December 31, 2024 and annualized where appropriate.
Profitability
- Annualized return on average assets for the quarter ended December 31, 2025 was 0.19% compared to 1.08% for the fourth quarter of 2024. Operating return on average assets (non-GAAP financial measure) for the quarter ended December 31, 2025 was 1.14% compared to 1.08% for the fourth quarter of 2024.
- Annualized return on average stockholders’ equity for the quarter ended December 31, 2025 was 2.55% compared to 12.73% for the fourth quarter of 2024. Operating return on average equity (non-GAAP financial measure) for the quarter ended December 31, 2025 was 15.05% compared to 12.73% for the fourth quarter of 2024.
- The efficiency ratio for the quarter ended December 31, 2025 was 79.18% compared to 55.92% for the fourth quarter of 2024. The operating efficiency ratio (non-GAAP financial measure) for both of the quarters ended December 31, 2025 and 2024 was 55.92%.
- Net interest margin for the quarter ended December 31, 2025 was 3.27% compared to 3.16% for the fourth quarter of 2024.
- Net interest income before provision for credit losses was $22.2 million for the quarter ended December 31, 2025, an increase of $2.8 million or 14.7% compared to $19.4 million for the same period in 2024.
Balance Sheet
- Total assets were $2.8 billion at December 31, 2025, representing an increase of $210.3 million or 8.1% from $2.6 billion at December 31, 2024.
- Total loans held for investment were $2.2 billion at December 31, 2025, representing an increase of $216.4 million or 11.0% from $2.0 billion at December 31, 2024.
- Total deposits were $2.3 billion at December 31, 2025, representing an increase of $171.1 million or 7.9% from $2.2 billion at December 31, 2024.
- Total stockholders’ equity was $217.2 million at December 31, 2025, representing an increase of $1.8 million or 0.8% from $215.4 million at December 31, 2024. Total stockholders’ equity included accumulated other comprehensive loss of $30.3 million at December 31, 2025 compared to accumulated other comprehensive loss of $44.5 million at December 31, 2024.
Asset Quality
- The allowance for credit losses (“ACL”) increased by $1.4 million to $25.5 million at December 31, 2025 from $24.1 million at December 31, 2024.
- The ACL represented 1.16% of total loans at December 31, 2025 and 1.22% at December 31, 2024.
- The provision for credit loss was $480 thousand for the quarter ended December 31, 2025, a decrease of $550 thousand compared to $1.0 million for the same period in 2024.
- The ratio of non-performing loans to total loans was 0.14% for both quarters ended December 31, 2025 and at December 31, 2024. Non-performing loans totaled $3.1 million at December 31, 2025 and $2.7 million at December 31, 2024.
Non-interest Income and Non-interest Expense
- Non-interest income was negative $4.2 million for the three months ended December 31, 2025, compared to income of $3.6 million for the same period in 2024. Non-interest income was negative in the fourth quarter of 2025 due to the $7.5 million pre-tax loss on the sale of securities incurred in connection with the previously disclosed portfolio restructuring strategy implemented in the fourth quarter of 2025.
- Non-interest expense was $14.3 million for the three months ended December 31, 2025, compared to $12.9 million for the three months ended December 31, 2024.
Capital
- On January 20, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.125 per share of the Company’s Class A common stock. The dividend will be paid on March 5, 2026 to shareholders of record at the close of business on February 17, 2026.
- As of December 31, 2025, total risk-based capital ratios for the Company and the Bank were 13.91% and 13.67%, respectively, well in excess of regulatory requirements.
- Tangible book value per common share (non-GAAP financial measure) was $11.97 at December 31, 2025, representing an increase of $1.16 or 10.8% from $10.81 at December 31, 2024. At December 31, 2025, tangible book value per common share was negatively affected by ($1.67) per share due to an accumulated other comprehensive loss of $30.3 million mostly due to changes in the market value of the Company’s available for sale securities. At December 31, 2024, tangible book value per common share was negatively affected by ($2.24) per share due to an accumulated other comprehensive loss of $44.5 million.
Conference Call and Webcast
The Company will host a conference call on Friday, January 23, 2026, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended December 31, 2025. To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask to join the USCB Financial Holdings Call.
Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website at www.uscentury.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About USCB Financial Holdings, Inc.
USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us or to find a banking center near you, please call (305) 715-5200 or visit www.uscentury.com.
Forward-Looking Statements
This earnings release may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that are not historical facts. The words “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,”, the negative of these terms, as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on our results of operations and financial condition from expected or potential developments or events, or business and growth strategies, including anticipated internal growth and potential future additional balance sheet restructuring.
These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:
- the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
- our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
- the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;
- the efficiency and effectiveness of our internal control procedures and processes;
- our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
- adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
- deposit attrition and the level of our uninsured deposits;
- legislative or regulatory changes, including the enactment of the One Big Beautiful Bill and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the Current Expected Credit Losses (“CECL”) standard;
- the lack of a significantly diversified loan portfolio and our concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;
- the effects of climate change;
- the concentration of ownership of our common stock;
- fluctuations in the price of our common stock;
- our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;
- inflation, interest rate, unemployment rate, and market and monetary fluctuations;
- the effects of potential new or increased tariffs, retaliatory tariffs and trade restrictions;
- the impact of international hostilities and geopolitical events;
- increased competition and its effect on the pricing of our products and services as well as our interest rate spread and net interest margin;
- the loss of key employees;
- the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or third-party fraud and security breaches; and
- other risks described in this earnings release and other filings we make with the Securities and Exchange Commission (“SEC”).
All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward-looking statements. Further, forward-looking statements included in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You should also review the risk factors described in the reports the Company has filed or will file with the SEC.
Non-GAAP Financial Measures
This earnings release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures. Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s operations and underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this earnings release.
All numbers included in this press release are unaudited unless otherwise noted.
Contacts:
Investor Relations
InvestorRelations@uscentury.com
Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Interest income: | |||||||||||||
| Loans, including fees | $ | 33,103 | $ | 30,757 | $ | 128,160 | $ | 115,236 | |||||
| Investment securities | 3,737 | 2,846 | 13,715 | 11,480 | |||||||||
| Interest-bearing deposits in financial institutions | 795 | 564 | 3,612 | 4,517 | |||||||||
| Total interest income | 37,635 | 34,167 | 145,487 | 131,233 | |||||||||
| Interest expense: | |||||||||||||
| Interest-bearing checking deposits | 374 | 338 | 1,283 | 1,509 | |||||||||
| Savings and money market deposits | 8,939 | 9,569 | 38,027 | 40,098 | |||||||||
| Time deposits | 4,807 | 3,447 | 18,104 | 13,354 | |||||||||
| FHLB advances | 507 | 1,455 | 3,238 | 6,336 | |||||||||
| Subordinated notes | 801 | - | 1,205 | - | |||||||||
| Total interest expense | 15,428 | 14,809 | 61,857 | 61,297 | |||||||||
| Net interest income before provision for credit losses | 22,207 | 19,358 | 83,630 | 69,936 | |||||||||
| Provision for credit losses | 480 | 1,030 | 2,297 | 3,157 | |||||||||
| Net interest income after provision for credit losses | 21,727 | 18,328 | 81,333 | 66,779 | |||||||||
| Non-interest income: | |||||||||||||
| Service fees | 2,209 | 2,667 | 9,603 | 8,839 | |||||||||
| (Loss) gain on sale of securities available for sale, net | (7,498 | ) | - | (7,526 | ) | 14 | |||||||
| Gain on sale of loans held for sale, net | 197 | 154 | 1,001 | 747 | |||||||||
| Other non-interest income | 914 | 806 | 3,514 | 3,140 | |||||||||
| Total non-interest income | (4,178 | ) | 3,627 | 6,592 | 12,740 | ||||||||
| Non-interest expense: | |||||||||||||
| Salaries and employee benefits | 8,668 | 7,930 | 32,167 | 28,793 | |||||||||
| Occupancy | 1,327 | 1,337 | 5,330 | 5,258 | |||||||||
| Regulatory assessments and fees | 443 | 405 | 1,637 | 1,766 | |||||||||
| Consulting and legal fees | 900 | 552 | 1,941 | 1,568 | |||||||||
| Network and information technology services | 599 | 494 | 2,324 | 1,993 | |||||||||
| Other operating expense | 2,338 | 2,136 | 8,610 | 7,664 | |||||||||
| Total non-interest expense | 14,275 | 12,854 | 52,009 | 47,042 | |||||||||
| Net income before income tax expense | 3,274 | 9,101 | 35,916 | 32,477 | |||||||||
| Income tax expense | 1,911 | 2,197 | 9,816 | 7,803 | |||||||||
| Net income | $ | 1,363 | $ | 6,904 | $ | 26,100 | $ | 24,674 | |||||
| Per share information: | |||||||||||||
| Net income per common share, basic | $ | 0.08 | $ | 0.35 | $ | 1.34 | $ | 1.25 | |||||
| Net income per common share, diluted | $ | 0.07 | $ | 0.34 | $ | 1.33 | $ | 1.24 | |||||
| Cash dividends declared | $ | 0.10 | $ | 0.05 | $ | 0.40 | $ | 0.20 | |||||
| Weighted average shares outstanding: | |||||||||||||
| Common shares, basic | 18,117,814 | 19,795,589 | 19,425,746 | 19,675,444 | |||||||||
| Common shares, diluted | 18,348,725 | 20,183,731 | 19,650,814 | 19,831,421 | |||||||||
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||||||||
| SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||||||||||||
| Income statement data: | |||||||||||||||||||
| Net interest income before provision for credit losses | $ | 22,207 | $ | 21,274 | $ | 21,034 | $ | 19,115 | $ | 19,358 | |||||||||
| Provision for credit losses | 480 | 105 | 1,031 | 681 | 1,030 | ||||||||||||||
| Net interest income after provision for credit losses | 21,727 | 21,169 | 20,003 | 18,434 | 18,328 | ||||||||||||||
| Service fees | 2,209 | 2,661 | 2,402 | 2,331 | 2,667 | ||||||||||||||
| Loss on sale of securities available for sale, net | (7,498 | ) | (28 | ) | - | - | - | ||||||||||||
| Gain on sale of loans held for sale, net | 197 | 128 | 151 | 525 | 154 | ||||||||||||||
| Other non-interest income | 914 | 923 | 817 | 860 | 806 | ||||||||||||||
| Total non-interest income | (4,178 | ) | 3,684 | 3,370 | 3,716 | 3,627 | |||||||||||||
| Salaries and employee benefits | 8,668 | 7,909 | 7,954 | 7,636 | 7,930 | ||||||||||||||
| Occupancy | 1,327 | 1,382 | 1,337 | 1,284 | 1,337 | ||||||||||||||
| Regulatory assessments and fees | 443 | 377 | 396 | 421 | 405 | ||||||||||||||
| Consulting and legal fees | 900 | 585 | 263 | 193 | 552 | ||||||||||||||
| Network and information technology services | 599 | 656 | 564 | 505 | 494 | ||||||||||||||
| Other operating expense | 2,338 | 2,139 | 2,120 | 2,013 | 2,136 | ||||||||||||||
| Total non-interest expense | 14,275 | 13,048 | 12,634 | 12,052 | 12,854 | ||||||||||||||
| Net income before income tax expense | 3,274 | 11,805 | 10,739 | 10,098 | 9,101 | ||||||||||||||
| Income tax expense | 1,911 | 2,866 | 2,599 | 2,440 | 2,197 | ||||||||||||||
| Net income | $ | 1,363 | $ | 8,939 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Per share information: | |||||||||||||||||||
| Net income per common share, basic | $ | 0.08 | $ | 0.46 | $ | 0.41 | $ | 0.38 | $ | 0.35 | |||||||||
| Net income per common share, diluted | $ | 0.07 | $ | 0.45 | $ | 0.40 | $ | 0.38 | $ | 0.34 | |||||||||
| Cash dividends declared | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.05 | |||||||||
| Balance sheet data (at period-end): | |||||||||||||||||||
| Cash and cash equivalents | $ | 38,477 | $ | 56,811 | $ | 54,819 | $ | 97,984 | $ | 77,035 | |||||||||
| Securities available-for-sale | $ | 307,490 | $ | 324,179 | $ | 285,382 | $ | 275,139 | $ | 260,221 | |||||||||
| Securities held-to-maturity | $ | 153,941 | $ | 156,365 | $ | 158,740 | $ | 161,790 | $ | 164,694 | |||||||||
| Total securities | $ | 461,431 | $ | 480,544 | $ | 444,122 | $ | 436,929 | $ | 424,915 | |||||||||
| Loans held for investment (1) | $ | 2,189,257 | $ | 2,130,966 | $ | 2,113,318 | $ | 2,036,212 | $ | 1,972,848 | |||||||||
| Allowance for credit losses | $ | (25,500 | ) | $ | (24,964 | ) | $ | (24,933 | ) | $ | (24,740 | ) | $ | (24,070 | ) | ||||
| Total assets | $ | 2,791,540 | $ | 2,767,945 | $ | 2,719,474 | $ | 2,677,382 | $ | 2,581,216 | |||||||||
| Non-interest-bearing demand deposits | $ | 583,860 | $ | 584,240 | $ | 584,895 | $ | 605,489 | $ | 575,159 | |||||||||
| Interest-bearing deposits | $ | 1,761,220 | $ | 1,871,374 | $ | 1,750,766 | $ | 1,704,080 | $ | 1,598,845 | |||||||||
| Total deposits | $ | 2,345,080 | $ | 2,455,614 | $ | 2,335,661 | $ | 2,309,569 | $ | 2,174,004 | |||||||||
| FHLB advances | $ | 158,250 | $ | 11,000 | $ | 108,000 | $ | 108,000 | $ | 163,000 | |||||||||
| Subordinated notes | $ | 39,300 | $ | 39,262 | $ | - | $ | - | $ | - | |||||||||
| Total liabilities | $ | 2,574,357 | $ | 2,558,850 | $ | 2,487,891 | $ | 2,452,294 | $ | 2,365,828 | |||||||||
| Total stockholders' equity | $ | 217,183 | $ | 209,095 | $ | 231,583 | $ | 225,088 | $ | 215,388 | |||||||||
| Capital ratios:(2) | |||||||||||||||||||
| Leverage ratio | 8.46 | % | 8.47 | % | 9.72 | % | 9.61 | % | 9.53 | % | |||||||||
| Common equity tier 1 capital | 10.92 | % | 11.17 | % | 12.52 | % | 12.48 | % | 12.28 | % | |||||||||
| Tier 1 risk-based capital | 10.92 | % | 11.17 | % | 12.52 | % | 12.48 | % | 12.28 | % | |||||||||
| Total risk-based capital | 13.91 | % | 14.20 | % | 13.73 | % | 13.72 | % | 13.51 | % | |||||||||
| (1) Loan amounts include deferred fees/costs. | |||||||||||||||||||
| (2) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. The Bank's total risk-based capital at December 31, 2025 was 13.67% | |||||||||||||||||||
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||||||||
| AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||||||||||||
| Average balance sheet data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 82,338 | $ | 139,389 | $ | 71,388 | $ | 82,610 | $ | 56,937 | |||||||||
| Securities available-for-sale | $ | 332,356 | $ | 299,892 | $ | 281,840 | $ | 265,154 | $ | 255,786 | |||||||||
| Securities held-to-maturity | $ | 155,269 | $ | 157,702 | $ | 160,443 | $ | 163,510 | $ | 165,831 | |||||||||
| Total securities | $ | 487,625 | $ | 457,594 | $ | 442,283 | $ | 428,664 | $ | 421,617 | |||||||||
| Loans held for investment(1) | $ | 2,130,898 | $ | 2,099,043 | $ | 2,057,445 | $ | 1,986,856 | $ | 1,958,566 | |||||||||
| Total assets | $ | 2,799,863 | $ | 2,798,115 | $ | 2,677,198 | $ | 2,606,593 | $ | 2,544,592 | |||||||||
| Interest-bearing deposits | $ | 1,857,218 | $ | 1,887,545 | $ | 1,710,568 | $ | 1,652,147 | $ | 1,547,789 | |||||||||
| Non-interest-bearing demand deposits | $ | 595,969 | $ | 569,522 | $ | 580,121 | $ | 563,040 | $ | 590,829 | |||||||||
| Total deposits | $ | 2,453,187 | $ | 2,457,067 | $ | 2,290,689 | $ | 2,215,187 | $ | 2,138,618 | |||||||||
| FHLB advances | $ | 51,462 | $ | 40,065 | $ | 116,527 | $ | 138,944 | $ | 151,804 | |||||||||
| Subordinated notes | $ | 39,287 | $ | 26,029 | $ | - | $ | - | $ | - | |||||||||
| Total liabilities | $ | 2,587,470 | $ | 2,572,799 | $ | 2,448,706 | $ | 2,387,088 | $ | 2,328,877 | |||||||||
| Total stockholders' equity | $ | 212,393 | $ | 225,316 | $ | 228,492 | $ | 219,505 | $ | 215,715 | |||||||||
| Performance ratios: | |||||||||||||||||||
| Return on average assets(2) | 0.19 | % | 1.27 | % | 1.22 | % | 1.19 | % | 1.08 | % | |||||||||
| Return on average equity(2) | 2.55 | % | 15.74 | % | 14.29 | % | 14.19 | % | 12.73 | % | |||||||||
| Net interest margin(2) | 3.27 | % | 3.14 | % | 3.28 | % | 3.10 | % | 3.16 | % | |||||||||
| Non-interest income to average assets(2) | (0.59 | )% | 0.52 | % | 0.50 | % | 0.58 | % | 0.57 | % | |||||||||
| Non-interest expense to average assets(2) | 2.02 | % | 1.85 | % | 1.89 | % | 1.88 | % | 2.01 | % | |||||||||
| Efficiency ratio(3) | 79.18 | % | 52.28 | % | 51.77 | % | 52.79 | % | 55.92 | % | |||||||||
| Loans by type (at period end):(4) | |||||||||||||||||||
| Residential real estate | $ | 307,692 | $ | 316,557 | $ | 307,020 | $ | 301,164 | $ | 289,961 | |||||||||
| Commercial real estate | $ | 1,244,835 | $ | 1,226,121 | $ | 1,206,621 | $ | 1,150,129 | $ | 1,136,417 | |||||||||
| Commercial and industrial | $ | 295,548 | $ | 269,430 | $ | 263,966 | $ | 256,326 | $ | 258,311 | |||||||||
| Correspondent banks | $ | 127,968 | $ | 104,598 | $ | 110,155 | $ | 103,026 | $ | 82,438 | |||||||||
| Consumer and other | $ | 207,215 | $ | 207,939 | $ | 218,426 | $ | 218,711 | $ | 198,091 | |||||||||
| Asset quality data: | |||||||||||||||||||
| Allowance for credit losses to total loans | 1.16 | % | 1.17 | % | 1.18 | % | 1.22 | % | 1.22 | % | |||||||||
| Allowance for credit losses to non-performing loans | 813 | % | 1906 | % | 1825 | % | 595 | % | 889 | % | |||||||||
| Total non-performing loans(5) | $ | 3,138 | $ | 1,310 | $ | 1,366 | $ | 4,156 | $ | 2,707 | |||||||||
| Non-performing loans to total loans | 0.14 | % | 0.06 | % | 0.06 | % | 0.20 | % | 0.14 | % | |||||||||
| Non-performing assets to total assets(5) | 0.11 | % | 0.05 | % | 0.05 | % | 0.16 | % | 0.10 | % | |||||||||
| Net charge-offs (recoveries of) to average loans(2) | (0.00 | )% | (0.00 | )% | 0.14 | % | 0.00 | % | (0.00 | )% | |||||||||
| Net charge-offs (recovery) of credit losses | $ | (11 | ) | $ | (4 | ) | $ | 702 | $ | 2 | $ | (11 | ) | ||||||
| Interest rates and yields:(2) | |||||||||||||||||||
| Loans held for investment | 6.16 | % | 6.21 | % | 6.23 | % | 6.17 | % | 6.25 | % | |||||||||
| Investment securities | 3.01 | % | 3.03 | % | 3.06 | % | 2.81 | % | 2.63 | % | |||||||||
| Total interest-earning assets | 5.54 | % | 5.56 | % | 5.64 | % | 5.51 | % | 5.57 | % | |||||||||
| Deposits(6) | 2.28 | % | 2.53 | % | 2.46 | % | 2.49 | % | 2.48 | % | |||||||||
| FHLB advances | 3.91 | % | 3.73 | % | 3.72 | % | 3.71 | % | 3.81 | % | |||||||||
| Subordinated notes | 8.09 | % | 6.16 | % | - | - | - | ||||||||||||
| Total interest-bearing liabilities | 3.14 | % | 3.34 | % | 3.32 | % | 3.37 | % | 3.47 | % | |||||||||
| Other information: | |||||||||||||||||||
| Full-time equivalent employees | 204 | 206 | 203 | 201 | 199 | ||||||||||||||
| (1) Loan amounts include deferred fees/costs. | |||||||||||||||||||
| (2) Annualized. | |||||||||||||||||||
| (3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income. | |||||||||||||||||||
| (4) Loan amounts exclude deferred fees/costs. | |||||||||||||||||||
| (5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO) recorded at any of the dates presented. | |||||||||||||||||||
| (6) Reflects effect of non-interest-bearing deposits. | |||||||||||||||||||
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||||||
| NET INTEREST MARGIN (UNAUDITED) | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
||||||||||||||||
|
Average Balance |
Interest | Yield/Rate(1) |
Average Balance |
Interest | Yield/Rate(1) | ||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans held for investment(2) | $ | 2,130,898 | $ | 33,103 | 6.16 | % | $ | 1,958,566 | $ | 30,757 | 6.25 | % | |||||
| Investment securities(3) | 491,875 | 3,737 | 3.01 | % | 430,465 | 2,846 | 2.63 | % | |||||||||
| Other interest-earning assets | 74,357 | 795 | 4.24 | % | 49,561 | 564 | 4.53 | % | |||||||||
| Total interest-earning assets | 2,697,130 | 37,635 | 5.54 | % | 2,438,592 | 34,167 | 5.57 | % | |||||||||
| Non-interest-earning assets | 102,733 | 106,000 | |||||||||||||||
| Total assets | $ | 2,799,863 | $ | 2,544,592 | |||||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Interest-bearing checking deposits | $ | 59,555 | 374 | 2.49 | % | $ | 51,033 | 338 | 2.63 | % | |||||||
| Saving and money market deposits | 1,290,760 | 8,939 | 2.75 | % | 1,155,776 | 9,569 | 3.29 | % | |||||||||
| Time deposits | 506,903 | 4,807 | 3.76 | % | 340,980 | 3,447 | 4.02 | % | |||||||||
| Total interest-bearing deposits | 1,857,218 | 14,120 | 3.02 | % | 1,547,789 | 13,354 | 3.43 | % | |||||||||
| FHLB advances | 51,462 | 507 | 3.91 | % | 151,804 | 1,455 | 3.81 | % | |||||||||
| Subordinated notes | 39,287 | 801 | 8.09 | % | - | - | - | % | |||||||||
| Total interest-bearing liabilities | 1,947,967 | 15,428 | 3.14 | % | 1,699,593 | 14,809 | 3.47 | % | |||||||||
| Non-interest-bearing demand deposits | 595,969 | 590,829 | |||||||||||||||
| Other non-interest-bearing liabilities | 43,534 | 38,455 | |||||||||||||||
| Total liabilities | 2,587,470 | 2,328,877 | |||||||||||||||
| Stockholders' equity | 212,393 | 215,715 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 2,799,863 | $ | 2,544,592 | |||||||||||||
| Net interest income | $ | 22,207 | $ | 19,358 | |||||||||||||
| Net interest spread(4) | 2.40 | % | 2.10 | % | |||||||||||||
| Net interest margin(5) | 3.27 | % | 3.16 | % | |||||||||||||
| (1) Annualized. | |||||||||||||||||
| (2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs. | |||||||||||||||||
| (3) At fair value except for securities held to maturity. This amount includes FHLB stock. | |||||||||||||||||
| (4) Net interest spread is the average yield earned on total interest-earning assets minus the average rate paid on total interest-bearing liabilities. | |||||||||||||||||
| (5) Net interest margin is the ratio of net interest income to total interest-earning assets. | |||||||||||||||||
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||||||||||||
| Pre-tax pre-provision ("PTPP") income:(1) | |||||||||||||||||||
| Net income | $ | 1,363 | $ | 8,939 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Plus: Income tax expense | 1,911 | 2,866 | 2,599 | 2,440 | 2,197 | ||||||||||||||
| Plus: Provision for credit losses | 480 | 105 | 1,031 | 681 | 1,030 | ||||||||||||||
| PTPP income | $ | 3,754 | $ | 11,910 | $ | 11,770 | $ | 10,779 | $ | 10,131 | |||||||||
| PTPP return on average assets:(1) | |||||||||||||||||||
| PTPP income | $ | 3,754 | $ | 11,910 | $ | 11,770 | $ | 10,779 | $ | 10,131 | |||||||||
| Average assets | $ | 2,799,863 | $ | 2,798,115 | $ | 2,677,198 | $ | 2,606,593 | $ | 2,544,592 | |||||||||
| PTPP return on average assets(2) | 0.53 | % | 1.69 | % | 1.76 | % | 1.68 | % | 1.58 | % | |||||||||
| Operating net income:(1) | |||||||||||||||||||
| Net income | $ | 1,363 | $ | 8,939 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Less: Net losses on sale of securities | (7,498 | ) | (28 | ) | - | - | - | ||||||||||||
| Less: Tax effect on sale of securities | 1,900 | 7 | - | - | - | ||||||||||||||
| Plus: Tax liability expense from prior periods(3) | 1,096 | - | - | - | - | ||||||||||||||
| Operating net income | $ | 8,057 | $ | 8,960 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Operating return on average assets:(1) | |||||||||||||||||||
| Operating net income | $ | 8,057 | $ | 8,960 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Average assets | $ | 2,799,863 | $ | 2,798,115 | $ | 2,677,198 | $ | 2,606,593 | $ | 2,544,592 | |||||||||
| Operating net income return on average assets(2) | 1.14 | % | 1.27 | % | 1.22 | % | 1.19 | % | 1.08 | % | |||||||||
| Operating return on average equity:(1) | |||||||||||||||||||
| Operating net income | $ | 8,057 | $ | 8,960 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Average equity | $ | 212,393 | $ | 225,316 | $ | 228,492 | $ | 219,505 | $ | 215,715 | |||||||||
| Operating net income return on average equity(2) | 15.05 | % | 15.78 | % | 14.29 | % | 14.15 | % | 12.73 | % | |||||||||
| Operating revenue:(1) | |||||||||||||||||||
| Net interest income | $ | 22,207 | $ | 21,274 | $ | 21,034 | $ | 19,115 | $ | 19,358 | |||||||||
| Non-interest income | (4,178 | ) | 3,684 | 3,370 | 3,716 | 3,627 | |||||||||||||
| Less: Net losses on sale of securities | (7,498 | ) | (28 | ) | - | - | - | ||||||||||||
| Operating revenue | $ | 25,527 | $ | 24,986 | $ | 24,404 | $ | 22,831 | $ | 22,985 | |||||||||
| Operating efficiency ratio:(1) | |||||||||||||||||||
| Total non-interest expense | $ | 14,275 | $ | 13,048 | $ | 12,634 | $ | 12,052 | $ | 12,854 | |||||||||
| Operating revenue | $ | 25,527 | $ | 24,986 | $ | 24,404 | $ | 22,831 | $ | 22,985 | |||||||||
| Operating efficiency ratio | 55.92 | % | 52.22 | % | 51.77 | % | 52.79 | % | 55.92 | % | |||||||||
| (1) The Company believes these non-GAAP financial measurements are key indicators of the ongoing earnings power of the Company. | |||||||||||||||||||
| (2) Annualized. | |||||||||||||||||||
| (3) State tax liability expenses for 2024 and for the first three quarters of 2025 were recognized during the fourth quarter of 2025. The state tax expense is related to taxes due on interest income on loans whose collateral are located outside of the State of Florida. | |||||||||||||||||||
| USCB FINANCIAL HOLDINGS, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||||||||||||
| Tangible book value per common share (at period-end):(1) | |||||||||||||||||||
| Total stockholders' equity | $ | 217,183 | $ | 209,095 | $ | 231,583 | $ | 225,088 | $ | 215,388 | |||||||||
| Less: Intangible assets | - | - | - | - | - | ||||||||||||||
| Tangible stockholders' equity | $ | 217,183 | $ | 209,095 | $ | 231,583 | $ | 225,088 | $ | 215,388 | |||||||||
| Total shares issued and outstanding (at period-end): | |||||||||||||||||||
| Total common shares issued and outstanding | 18,137,885 | 18,107,385 | 20,078,385 | 20,048,385 | 19,924,632 | ||||||||||||||
| Tangible book value per common share(2) | $ | 11.97 | $ | 11.55 | $ | 11.53 | $ | 11.23 | $ | 10.81 | |||||||||
| Operating diluted net income per common share:(1) | |||||||||||||||||||
| Operating net income | $ | 8,057 | $ | 8,960 | $ | 8,140 | $ | 7,658 | $ | 6,904 | |||||||||
| Total weighted average diluted shares of common stock | 18,348,725 | 19,755,820 | 20,295,794 | 20,319,535 | 20,183,731 | ||||||||||||||
| Operating diluted net income per common share: | $ | 0.44 | $ | 0.45 | $ | 0.40 | $ | 0.38 | $ | 0.34 | |||||||||
| Tangible Common Equity/Tangible Assets(1) | |||||||||||||||||||
| Tangible stockholders' equity | $ | 217,183 | $ | 209,095 | $ | 231,583 | $ | 225,088 | $ | 215,388 | |||||||||
| Tangible total assets(3) | $ | 2,791,540 | $ | 2,767,945 | $ | 2,719,474 | $ | 2,677,382 | $ | 2,581,216 | |||||||||
| Tangible Common Equity/Tangible Assets | 7.78 | % | 7.55 | % | 8.52 | % | 8.41 | % | 8.34 | % | |||||||||
| (1) The Company believes these non-GAAP financial measurements are key indicators of the ongoing earnings power of the Company. | |||||||||||||||||||
| (2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options. | |||||||||||||||||||
| (3) Since the Company has no intangible assets, tangible stockholders’ equity and tangible total assets are the same amounts as stockholders’ equity and total assets, respectively, as calculated under GAAP. | |||||||||||||||||||
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